The value of money transfer transactions via mobile phone in Kenya has reached almost half of the Gross Domestic Product, over the last 12 months ending June 30, 2017. Payments through this mechanism reached over the period 3,570 Billion Kenyan Shilling (KES) or the dollar equivalent of $ 34.33 billion, for around 1.7 billion transactions, the latest figures from Kenya’s central bank show.
These transactions were 15.8% higher than those achieved in the twelve months between July 2015 and June 2016. Between January and June of the current year, around 1.810 billion Kenyan shilling were moved via mobile platforms. Record monthly transactions were recorded in March 2017, amounting to approximately KSh320.80 billion, up 17.3% from the previous month.
However, statistics show that the number of mobile money user accounts has dropped for two consecutive months to reach 34.2 million at the end of May 2017.
In total, Kenya’s six major electronic payment platforms operated 34.178 million accounts in June. These platforms are M-Pesa from Safaricom, Airtel Money, Telkom Money, Equitel from Equity group, Tangaza and MobiKash.